LGE Community Credit Union in Marietta, Ga., has agreed to buy Georgia Heritage Bank in Dallas, Ga.
The $1.3 billion-asset LGE said in a press release Thursday that it expects to close the acquisition in the third quarter. It did not disclose the price of the deal.
The $95 million-asset Georgia Heritage, which is based about 18 miles east of LGE's headquarters, also has a branch in Marietta.
The acquisition “will deepen LGE’s commitment to business and commercial banking,” Chris Leggett, the credit union's president and CEO, said in the release.
“We look forward to transitioning Georgia Heritage Bank’s customers to LGE members so they can see firsthand we are a member-owned not-for-profit cooperative, we pride ourselves on staying dedicated to improving the financial well-being of our members through economically priced and conveniently delivered services, caring personal service and sound financial management," Leggett added.
“We are pleased to know that our customers will have access to more branches and services making it more convenient and easier for them to bank," said Genevieve Cole, Georgia Heritage's president and CEO. "LGE has built a reputation in the community as one of the leading financial institutions dedicated to giving back to the people in the area.”
This would be LGE's first bank acquisition, and it wants to do more acquisitions, said Michael Bell, a lawyer at Howard & Howard who advised LGE.
"An optimal nonorganic growth strategy involves building a team and system to do multiple transactions," Bell added.
LGE's net income rose by 33% last year, to $12.1 million.
This is the fourth time this year that a credit union has agreed to buy a bank.